As an important development for the Turkish crypto world, the bill prepared by the AK Party is coming to the Turkish Grand National Assembly. Details of the draft cryptocurrency law focusing on taxes and foreign exchanges have begun to become clear. A prominent topic in the bill is the activities of foreign exchanges in Turkey. Accordingly, foreign exchanges are not allowed to operate due to lack of supervision.
Cryptocurrency draft lawForeign exchanges are not allowed!
cryptokoin.comAs you follow from , Türkiye has been working on a cryptocurrency legislation for a long time. Today, the draft law that is the product of this work comes to the Turkish Grand National Assembly. There are interesting details that stand out from the bill. The statement regarding the bill was made by AK Party Group Chairman Abdullah Güler and AK Party Deputy Chairman Ömer İleri. Güler made the following statements about the draft law consisting of 19 articles:
Cryptocurrency exchanges will start providing services by obtaining a license from the CMB. The aim here is to ensure that investors make transactions safely under the supervision of the CMB. Crypto asset service providers will be obliged to ensure the security of their information systems. In this sense, TÜBİTAK’s determining criteria regarding technological infrastructure will be included in the law. The sale and distribution of crypto assets will be determined by the CMB. A preliminary report will be received from TÜBİTAK for crypto asset issuance. (…)
In the statement, foreign stock exchange details attracted attention. Because, according to the details given by Güler, foreign exchanges are not allowed. In this context, Güler said, “Since the supervision of crypto asset providers operating abroad cannot be fully ensured, the transactions of these companies will also be terminated.” Therefore, while foreign stock exchanges with offices in the country and the ability to audit will continue their activities, stock exchanges that cannot be fully audited and do not meet the required conditions will be blocked.
Other highlights of crypto regulation
Among the other details of the bill, prison sentences were not overlooked. Accordingly, those responsible for unlicensed companies will face a prison sentence of 3 to 5 years.
Meanwhile, the most curious part of the bill was the tax aspect for cryptocurrency transactions. According to the statements, there is no tax for now. However, the bill includes some fees. Accordingly, there is a 2% income proposal for the Capital Markets Board (CMB) and the Scientific and Technological Research Council of Turkey (TÜBİTAK). Regarding the tax issue, Güler said:
There is no regulation regarding taxation in our proposal. 1% of CMB’s income, that is, 1% of its non-interest-free income; Since TÜBİTAK will also make a digital technological evaluation, a total income of 2% is expected as a service fee, with 1% being its share.
An important detail is the application offer for the token list of cryptocurrency exchanges. Accordingly, approval from TÜBİTAK will be required for the crypto currencies and tokens that the exchanges plan to list.
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